United Motors Group profits up by 162%

Tuesday, 17 November 2015 00:27 - - {{hitsCtrl.values.hits}}

United Motors Group recorded a strong performance in the face of market challenges with a profit of Rs. 545 million for the quarter ended 30 September 2015 in comparison to Rs. 208 million recorded during the same period last year which is a 162% increase.

With this impressive performance in the second quarter UML Groups half yearly profit rose to Rs.896 million which is a 124% increase in comparison to the same period of last year. The company United Motors Lanka PLC (UML) also achieved significant growth as revenue increased by 76.7% and net profit rose by 91.4% during the first half of 2015/16 in comparison to the same period BUP_DFT_DFT-15-2 last year.

The Group recorded an impressive earnings per share of Rs.8.88 for the first half of 2015/16 while the group’s net asset value per share stood at Rs.102.70.

For UML, Mitsubishi passenger vehicle and truck sales continued to grow significantly there by contributing towards the overall performance.

The new Outlander SUV (Gasoline), the Outlander PHEV and the new double cab launched in June 2015 received very good response from the market. The after sales divisions also showed steady growth due to increase in after sales services as a result of the increased number of vehicles sold.

Valvoline, its lubricant division too fared well and as a reflection of their performance they were able to bring prestige to the company and the country by winning the award for best distributor in South East Asia for its robust growth. Valvoline is a part of the Ashland Group USA.

UML’s fully owned subsidiary Unimo Enterprises Ltd. (UEL) too has performed extremely well with its latest model Perodua Axia securing orders for the months ahead.

The joint venture company TVSL too delivered strong results with their numbers growing significantly compared to the previous year.

The Group expects to commence the construction of its new logistics and workshop centre spread over a 10 acre property during the second half of the year. This facility will be able to cater to a large number of customers who find it out of the way to use the current workshop in Orugodawatte.

Commenting on the impressive performance United Motors Group Chief Executive Officer/Executive Director Chanaka Yatawara stated that all companies in the Group had performed well and that the second half of the year would be exciting with the launch of few new products and services.